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Accord increases high LTV rates as TSB pulls deals

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  • 20/08/2020
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Accord increases high LTV rates as TSB pulls deals
Accord Mortgages is increasing rates on some of its high loan to value (LTV) products by up to 32 basis points.

 

The lender is withdrawing eight products in its 85 per cent LTV residential range at 8pm tonight and replacing them with higher rate versions at 9am tomorrow.

Its house purchase, house purchase and remortgage, and portability top up products are affected, but the remortgage range will remain unchanged.

Parent company Yorkshire Building Society is also withdrawing 54 products from its direct to consumer range tonight and replacing them at 9am on 21 August.

Accord product manager Jemma Anderson (pictured) said: “With further movement in the market within the higher LTV range we have reviewed and adjusted our rates at 85 per cent LTV accordingly.

“We are committed to supporting brokers by offering as broad a range of products as possible and these latest changes will help us ensure we can continue to offer competitive products with the service brokers expect from us.”

 

TSB

TSB is making changes to its residential and buy-to-let (BTL) offerings.

The lender has temporarily withdrawn its fee free two-year and five-year fixed rate house purchase and remortgage deals at 80 per cent LTV.

It is also tightening the affordability for its buy-to-let mortgages.

Rental income for all BTL mortgages must pass the higher of 145 per cent of the mortgage interest at initial product pay rate or 145 per cent of the mortgage interest at the new stress rate.

Stress rates are also being increased in certain areas and will now be assessed at 5.5 per cent for like-for-like BTL remortgages and all deals fixed for more than five years.

 

 

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